- Tinubu to Commission $400m Otakikpo Oil Export Terminal
- The Otakikpo terminal is projected to ease evacuation challenges for over 40 stranded oil fields
- Analysts say the project will bolster investor confidence
President Bola Ahmed Tinubu will on Wednesday commission the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State, marking Nigeria’s first new crude export facility in more than five decades.
Eko Hot Blog reports that the commissioning ceremony, scheduled to take place in Ikuru town, Andoni Local Government Area, is expected to draw top government officials, including the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri; Rivers State Governor, Siminalayi Fubara; and key players in the oil and gas industry.
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The facility, developed by Green Energy International Limited (GEIL), operators of the Otakikpo field in OML 11, is Nigeria’s first wholly indigenous onshore crude terminal. The last such infrastructure, the Forcados Terminal, was inaugurated in 1971.
According to GEIL’s Executive Director of Legal and Corporate Services, Olusegun Ilori, the terminal supports President Tinubu’s agenda to boost crude oil output while addressing longstanding evacuation bottlenecks.
“This project is a strategic infrastructure that supports the administration’s commitment to raising output while reducing costs,” Ilori said in a statement on Thursday.
The Otakikpo terminal is projected to ease evacuation challenges for over 40 stranded oil fields, unlocking millions of barrels of crude that have remained untapped.
With an initial storage capacity of 750,000 barrels expandable to three million barrels and a loading capacity of 360,000 barrels per day, the terminal is also expected to reduce operational costs for indigenous producers.
Describing the project as a “game-changing national infrastructure,” GEIL’s Chairman and Chief Executive Officer, Professor Anthony Adegbulugbe, said the terminal would create a pathway for stranded oil fields to contribute meaningfully to Nigeria’s economy.
The facility comes at a time when Nigeria’s oil sector is grappling with declining production, vandalism, oil theft, and high operational costs. Analysts say the project will bolster investor confidence while supporting the Federal Government’s target of three million barrels per day.
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